Crypto whale sues Coinbase, accusing it of refusing to return $55 million in stolen funds recovered in the 2024 phishing case

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According to Decrypt, a Puerto Rican crypto whale filed a lawsuit this week with the U.S. Federal Court in San Francisco, accusing Coinbase of refusing to release funds that were stolen and recovered in 2024. The case involves a large-scale phishing attack that occurred in August 2024, in which the “Inferno Drainer” group stole more than $55 million worth of the Ethereum stablecoin DAI. The plaintiff states that the on-chain investigation firm it hired successfully traced the stolen funds to a Coinbase account, and that Coinbase confirmed in December 2024 that it had identified and frozen the funds. However, the plaintiff alleges that, a year and a half later, Coinbase still refuses to return the funds, citing the need for a court order. As of now, Coinbase has not responded.

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